"The amount of athletics on the main channels has been very small, especially when you think of all the disciplines within the athletics, but the games has changed all that," said Fairley.

He added that Highflyer had received "very serious undertakings" to back London Legacy from two or three companies, including one Olympic sponsor.

"There is this enormous opportunity ... and no sign that any of the main broadcasters is going to pick it up and run with it," he said.

A total of 51.9 million people – about 90% of the UK population – watched at least 15 minutes of the London games on the BBC, with many low-profile events spotlighted by the corporation's blanket coverage.

Highflyer, the Yorkshire-based company, was ousted from the Channel 4 Racing production contract when the broadcaster signed a four-year deal for IMG earlier this month.

Channel 4 is expanding its horse racing coverage after winning the rights from the BBC to all the sport's major UK events, including the Derby and the Grand National.

Clare Balding will switch from the BBC's horse racing to be the main presenter for Channel 4's expanded coverage of the sport from next year. Balding is also anchoring Channel 4's Paralympics coverage, starting on 29 August.

• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".

• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.